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Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50 Billion REIT

by Julia Sanders

San Diego and Phoenix — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock …

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The Shops at Sportsmen's Lodge
CaliforniaDevelopmentNews

Midwood to Open $100 Million Shops at Sportsmen’s Lodge in Studio City, California

by Julia Sanders

Studio City, Calif. — Midwood Investment & Development is nearing completion of The Shops at Sportsmen’s Lodge, a $100 million retail redevelopment of land formerly occupied by a meeting and convention center in Studio City. A rolling opening for the 95,000-square-foot property is scheduled to begin this summer. The Shops at Sportsmen’s Lodge will be anchored by Erewhon, a Los Angeles-based market and café known for its selection of organic, healthy foods. Other tenants will include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s …

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1824 Hillhurst Ave property
CaliforniaFaris Lee InvestmentsInvestment salesNews

Faris Lee Arranges $2.9 Million Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood

by Julia Sanders

Los Angeles — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in the Los Feliz neighborhood of Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space. Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property was formerly occupied by Ample Hills Creamery, which closed its …

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2360 N Tustin Ave.
CaliforniaGrocery-anchoredInvestment salesNews

Stream Realty Partners Buys 49,334-Square-Foot Shopping Center in Santa Ana, California

by Julia Sanders

Santa Ana, Calif. — Stream Realty Partners has acquired a grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. Previously owned by two private owners for 50 years, Stream purchased both the leasehold interest and the fee simple. Stater Bros. Markets has been a tenant since the property’s completion. Additionally, Stream acquired the 0.78 acres of adjacent land, which currently features two residential units, for future development. As a result of the transaction, Stater Bros. has renewed its 25,587-square-foot lease and Del Taco renewed its 1,859-square-foot lease …

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Zinfandel Crossings
CaliforniaInvestment salesNews

Hanley Investment Completes Break-up Sale at Zinfandel Crossings Shopping Center in Rancho Cordova, California

by Julia Sanders

Rancho Cordova, Calif. — Hanley Investment Group Real Estate Advisors has arranged the fourth and final transaction in the break-up sale strategy of Zinfandel Crossings, a retail property anchored by 99 Cents Only in Rancho Cordova. The firm has brokered the sales of more than $11.4 million in retail properties at the shopping center. Kevin Fryman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Santa Monica-based private investor. The buyer was a Stockton, California-based private investor. The final sale was that of a vacant 26,520-square-foot …

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Lido Marina Village
CaliforniaInvestment salesNews

DJM Receives $24.5 Million in Equity for Lido Marina Village Renovation

by Julia Sanders

Newport Beach, Calif. — DJM has received $24.5 million in new equity from Arc Capital Partners for the recapitalization of Lido Marina Village, a 116,000-square-foot waterfront retail and office property located on the Balboa Peninsula in Newport Beach. The new equity comes on the heels of a $46.5 million loan from Prime Finance, which brings DJM’s total recapitalization to $71 million. The capital will be used to pay off an existing loan and complete property renovations. Steven Bram, David Pascale and Patrick O’Donnell of George Smith Partners arranged the financing, …

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CaliforniaInvestment salesNews

Yosemite Properties Sells Whitmore Plaza Shopping Center in Ceres, California

by Julia Sanders

Ceres, Calif. — Yosemite Properties has completed sale of Whitmore Plaza, a shopping center located at 2517-2617 Mitchell Road and 2908-2920 E. Whitmore Ave. in Ceres. Save Mart Portfolio Owner NLP CA LLC acquired the center from Yosemite Properties for $18.4 million. Save Mart grocery store and Planet Fitness anchor the 115,396-square-foot property. Greg Aguirre of Capital Rivers Commercial and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the seller in the transaction.

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Vista Terrace
CaliforniaInvestment salesNews

Marcus & Millichap Arranges Sale of Two Shopping Centers in Vista, California for $18.3 Million

by Julia Sanders

Vista, Calif. — Marcus & Millichap has arranged the sale of two shopping centers in Vista, the Shops at Vista Terrace Marketplace and Santa Fe Crossroads. Ron Duong of Duong Retail Group represented the buyers in both transactions which totaled $18.3 million in value. Rick Puttkammer represented the seller for Santa Fe Crossroads.

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Ulta
CaliforniaFaris Lee InvestmentsInvestment salesNews

Faris Lee Investments Brokers $22.6 Million Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Julia Sanders

Lake Elsinore, Calif. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of Ulta Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with a drive-thru; a two-tenant pad site occupied by Pieology and Ono …

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Three Properties in California
CaliforniaFaris Lee InvestmentsInvestment salesNews

Faris Lee Investments Arranges Three Sales Totaling $24.8 Million in California

by Julia Sanders

Cypress, Santa Ana and Chino Hills, Calif. — Faris Lee Investments has arranged three off-market acquisitions: Meridian Plaza, a multi-tenant retail center anchored by Dollar Tree in Cypress, a Starbucks in Santa Ana and a strip center in Chino Hills. Nick Miller and Shaun Riley of Faris Lee Investments represented a 1031 exchange Orange County-based family office buyer in all three transactions. Meridian Plaza, is a 28,500 square feet property fronting Katella Avenue. The property’s tenants including Starbucks, Dollar Tree, H&R Block and Wienerschnitzel. The buyer acquired the property for …

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